The much-awaited Companies Bill, 2008 has been introduced in the Lok Sabha. Minister of Corporate Affairs, Shri Prem Chand Gupta introduce the Bill to consolidate and amend the law relating to companies. Two days ago, i.e., on 21.10.2008 Shri Gupta had withdrawn the Companies (Amendment) Bill, 2003 which was introduced in the Rajya Sabha on7.5.2003 as the said Bill was not in tune with the present day requirements of corporates in India.
Following are the highlights of the mid-term review of India’s monetary policy conducted by Reserve Bank of India (RBI) Governor D. Subbarao Friday: – Bank rate, repo rate and reverse repo rate kept unchanged , Flexibility retained to conduct overnight auctions of securities. Cash reserve ratio kept unchanged at 6.5 per cent. Floating rate bonds to be issued at appropriate time. Interest rate futures contracts to be launched in early 2009.
The Ministry of Corporate Affairs (MCA) has asked the income-tax department to provide all information on tax evasion by listed companies so that it can see whether these firms have violated the provisions of Companies Act as well. “MCA is trying to develop a system that whenever the I-T department finds any such case where there is income-tax evasion or any practice of showing wrong amount in financial statements, the department would inform us also,” a senior ministry official said. He said usually such things involve violation of Companies Act too,
Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants.
Institute of Chartered Accountants of India has issued a notification no. Na.1-CA(7)/116/ 2008 dated 25-9-2008 incorporating various amendment to the Chartered Accountants Regulations, 1988.There are 16 amendments to the regulations. One of the major amendments is provisions relating to multidisciplinary partnership firm.
The Department has received proposals to allow such meetings and it has held extensive consultation with various shades of opinion. It also asked the Institute of Company Secretaries to examine this matter and to organize consultation with companies and other stake holders. Finally, the Department has decided to allow such meetings of the Boards and its Committees. However, DCA has also decided that there are some subjects of special importance which should only be decided or transacted by meetings in person i.e. “physical meetings”. It is proposed to notify such subjects from time to time.
SEBI has removed the restriction of the 70:30 ratio of investment in Indian equity and debt by FIIs. The removal is with immediate effect, said a statement from SEBI on Thursday. The necessary amendments to the regulations will be made in due course.This is to give flexibility to the FIIs to help avail themselves of the increased cumulative debt investment limit of $6 billion in corporate debt that was announced on Wednesday. The earlier cap had been $3 billion.
The International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB) are gaining recognition as Global Reporting Standards. The Council of the Institute of Chartered Accountants of India, while appreciating the emerging diversities and complexities in the world of accounting and the need for knowledge of IFRS in relation to the convergence of the Indian accounting Standards with IFRS, has decided to launch a Certificate Course on International Financial Reporting Standards for its members. The objective of this Course is to enhance the knowledge as well as to provide benefit to the members in the global service market.
Union Minister of State for Food Processing Industries Subodh Kant Sahai today urged the states to remove Value Added Tax (VAT) on perishable goods and peg it below four per cent on non-perishable items to encourage food processing industry. Around 15 companies have already brought in 106.4 million US dollar foreign direct investments into the country’s food processing sector, Sahai said while addressing Investors’ Meeting for Development of Food Processing Sector in Andhra Pradesh.
Now e- form 23AC can be filled in without getting SRN of form 23B The Ministry of Corporate Affairs (Ministry) has revised e-form 23AC effective from 28th September 2008 wherein filling in SRN of 23B was made compulsory. In many a cases, it was reported by our members that SRN of form 23B was not available which ultimately resisted to file e-form 23AC required to be filed pursuant to section 220 of the Companies Act, 1956 by the Companies.
